Why This Bitcoin Maximalist Says All Other “Crypto’s Are A Scam”

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Why This Bitcoin Maximalist Says All Other “Crypto’s Are A Scam”
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No matter what else is going on in the crypto world, Bitcoin (CRYPTO: BTC) will always hold the title of being first.

It was originally introduced in a 2008 white paper by one or more people under the pseudonym Satoshi Nakamoto, before being launched in January 2009.

While 13 years is not long for many investment categories, Bitcoin literally dates back to the dawn of cryptocurrencies.

Now, the price of Bitcoin could be down 67% from the all-time high of $68,790 on November 10. But that’s a whopping 34,709% up since trading at a low of US$66 on July 5, 2013, the year CoinMarketCap Data starts tracking prices.

Yet, just because it was the first, does that make all other cryptos a scam?

Bitcoin works outside the system

According to Cory Klippsten, who founded Swan Bitcoin, the answer is a definite yes.

As age reports, Klippsten began to warn against rock the crypto markets in March.

He tweeted that Luna was “a scam” and that crypto bank Celsius Network was a “massive blast risk”.

Luna then hit all-time highs of $19.54 on May 28. It has since crashed over 90%, currently trading at $1.96.

Celsius Network was offering yields of up to 17% for crypto loans. But it was unable to fulfill its lofty obligations and the company filed for bankruptcy in New York in July, leaving most investors with empty pockets.

The combined collapse shook the crypto world just as interest rates rose and pressured risky assets across the board. The resulting sale resulted in the loss of approximately $1 trillion in value from the sector.

Klippsten, who prefers the term Bitcoiner to maximalist, or maxi, is among those who believe Bitcoin will revolutionize the global financial system. But not the countless altcoins that have come since.

According to Klippsten (quoted by age):

The only future for non-Bitcoin crypto is to seek to be co-opted by banks and governments and become part of the existing system. Bitcoin is actually outside the system.

Klippsten says many of the new altcoins are unregistered securities, more like stocks than money used for transactions.

Jimmy Song, a crypto podcaster and Klippsten acquaintance, agrees.

“Bitcoin is decentralized, digitally scarce money. Everything else is centralized,” Song said. “There is a world of difference between a censorship-resistant self-sovereign currency and a gambling vehicle.”

Maximalists crowd in to buy the dip

When the tokens fell, the maximalists were eager to top up their holdings, Klippsten revealed.

He said his clients invested twice as much in Bitcoin in June, right after the crypto market crash, as they did in April, shortly before the market implosion.

Regarding his own investments, he said that a percentage of his savings are automatically invested in the world’s original crypto each day. Regardless of price movements.

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